EU’s Plans Centralization of the Market

The European Union aims to centralize the market and enforce banks to pay according to the chief of the bloc’s financial services which hints that this will be settled following the Brexit. The European commission Vice president Valdis Dombrovskis commented that the country needed a more integrated plan to merge the whole European union.

On Friday with other EU finance ministers, Dombrovskis noted that the national supervisors should follow the same supervisory priorities. They could consider supervisory convergence and control the European Securities and Markets Authority (ESMA) to directly oversee some firms. This would be a big role for ESMA as it would compete with other banking and insurance sector in London and other countries.

The U.S. Commodity Futures Trading Commission (CFTC) apprised the EU not set the agreement with the United States and the EU as he said that the EU attempted to “clear” euro denominated derivatives in Britain which would be affected by Brexit. Brussels wants to have an almost identical deal on cash to settle on uncleared trade in the succeeding weeks.    

The treasury of the United States has suggested suspending the application of both sets of rules while the European banks to delay the book rules until it is more certain on the plan of action of the United States.